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Bullish Conditions Dominate

USDCAD TECHS
  • RES 4: 1.3029 High Nov 25, 2020
  • RES 3: 1.2976 1.00 proj of the Jun 23 - Jul 19 - 30 price swing
  • RES 2: 1.2957 High Dec 21, 2020
  • RES 1: 1.2949 High Aug 20
  • PRICE: 1.2843 @ 19:42 BST Aug 20
  • SUP 1: 1.2807 Jul 19 high and recent breakout level
  • SUP 2: 1.2649/2574 Low Aug 19 / 20-day EMA
  • SUP 3: 1.2490 50-day EMA
  • SUP 4: 1.2422 Jul 30 low

USDCAD traded higher again Friday and touched 1.2949 before finding resistance. The outlook remains bullish though following last week's strong gains that resulted in a break of the 1.2807 bull trigger, Jul 19 high. This confirmed a resumption of the uptrend and opens1.2976, a Fibonacci projection. Moving average studies remain in a bull mode reinforcing current conditions. On the downside, Thursday's low of 1.2649 marks a firm support.

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